Iran to invest $850 million into the Salman oil field

The Iranian government is investing $850 million into the development of the Salman oil and gas field. Operations on the gas sector of the project are to begin next summer and have a target date of co

The Iranian government is investing $850 million into the development of the Salman oil and gas field. Operations on the gas sector of the project are to begin next summer and have a target date of completion set for October 2003, confirmed the Ministry of Oil.

Once the development is complete, the field is forecasted to yield 50,000 barrels of crude oil, 500 million cubic feet of gas and 6,000 barrels of condensed gases per day. The gas will be transferred to the Assalouyeh gas field via a 240-kilometer pipeline. A gas refinery plant will also be established in the region.

Salman is an offshore oil field that is shared with Abu Dhabi of the United Arab Emirates. Iran owns 75 percent of the field, situated 142 kilometers south of the Lavan Islands in the Persian Gulf, next to Abu Dhabi's Abu Al-Khosh field. The field has about four billion barrels of oil and 185 billion cubic meters of gas. — (menareport.com)